Cboe Simplifies Listing Fees: Pay the Lowest, Bill Quarterly
Published Date: 12/30/2025
Notice
Summary
Cboe BZX Exchange is updating its rule about company listing fees to make things clearer and fairer. Now, if a company fits into more than one fee category, it will only pay the lowest fee. Also, the Exchange will charge these fees right when a company lists and then every year in the first quarter. This helps companies know exactly when and how much they’ll pay.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
You Pay the Lowest Listing Fee
If a company’s securities fall into more than one fee category under Rule 14.13, the Exchange will charge the issuer only the lowest applicable annual listing fee. This change explicitly codifies that practice so companies know they will not be charged a higher fee when multiple categories could apply.
When Annual Listing Fees Are Charged
The Exchange will assess all annual listing fees upon initial listing and then annually in the first quarter of each calendar year. This tells issuers exactly when fees will be invoiced and helps companies plan and budget for listing expenses.
Rule Change Codifies Existing Practices
The amendments codify longstanding Exchange practices and do not change the substantive fee structure. The Exchange states that no issuer will experience an increase in fees as a result of these amendments, and the clarifications aim to reduce confusion and disputes about fee assessments.
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